Canada Goose acquires Baffin
Date Posted: Monday 5th November 2018
Canada Goose has announced that it has acquired Baffin, a Canadian designer and manufacturer of performance outdoor and industrial footwear. Canada Goose acquired the brand for a purchase price of $32.5 million Canadian dollars subject to customary closing adjustments. The transaction is being funded with available cash on hand and the issuance of $1.5 million Canadian dollars of restricted subordinate voting shares to the seller.
As a new wholly owned subsidiary of Canada Goose, Baffin will continue to operate on a stand-alone basis out of its headquarters in Stoney Creek, Ontario.
The Company does not expect the acquisition of Baffin to have a material impact on fiscal 2019 results, and it intends to provide additional details regarding this initiative with the release of fiscal second quarter results.